Archer Construction Company began work on a $420,000 construction contract in 2020. During 2020, Archer incurred costs of $278,000, billed its customer for $215,000, and collected $175,000. At December 31, 2020, the estimated additional costs to complete the project total $162,000. Prepare Archers journal entry to record profit or loss, if any, using (a) the percentage-of-completion method and (b) the completed-contract method